FundedHere announced on Tuesday it is opening its crowdfunding platform to mass affluent investors in Singapore while planning to expand into Malaysia and Indonesia. According to FundedHere, it will begin offering crowdfunded equity or lending opportunities to private investors other than accredited investors, which are defined as individuals with at least S$2 million (US$1.5 million) in net personal assets, excluding the primary residence, or S$300,000 in annual income.
Sharing details about the platform’s milestone, FundedHere partner, Daniel Lin, stated:
“The FundedHere platform is attractive to growth companies because of our high-quality network of AIs. The relaxation of rules means that we can now widen our pool of crowdfunding investors to include PIs, which are much larger in number. Interest in crowdfunding is growing in Singapore and are confident to double our investor pool before the end of 2017.”
FundedHere also reported that over the past year, it has helped seven Singapore companies raise a combined S$4 million through its online platform. These were shortlisted from over 500 pitch decks before they were offered on the platform. Investors can invest from S$5,000. The platform explained:
“Of the funds raised, 40% were made through equity investments of between S$300,000 and S$500,000 in startups. The remaining 60% of funds raised were for crowdlending of between S$200,000 and S$2 million to growth companies. Unlike equity-based crowdfunding, crowdlending enables companies to bridge short-term funding needs without diluting the founder’s stake in the company.”
In regards to the company’s work and upcoming expansions, FundedHere’s co-founder and executive director, Agnes Siaw, added:
“FundedHere has grown leaps and bounds in the past year. We’ve established a strong foundation within Singapore’s legal framework and have proven that equity and debt-based crowdfunding can be a vital component in Singapore’s ecosystem for startups and growth companies. Looking ahead, an expansion to Malaysia and Indonesia is the next logical step. Many startups and smaller listed-companies aim to expand beyond our shores and by extending our footprint, we will be better positioned to support local businesses in their growth journey.”